Its not a stupid question. I think it is almost certain that 1 or 2 parties are running the ruler over PLS right now (and probably have been for a while), and it is quite possible this process flushes out a bidder. Not sure that $2bn will do it, but probably not too far north of that.
Having acknowledged that, a chemical company (such as Livent - as an example only) may see significant value in the offtake and may have no interest in owning an Australian hardrock mine outright (for reasons of strategy, expertise, ability to fund etc etc). For them, the relative economics of owning 33% versus 100% may be completely irrelevant.
$500m for 49% would add no value to PLS and I am quite sure that Macquarie Bank would not recommend it, and even if they did, the Board would not accept it.
All IMO ofcourse.
Divesting 20-49% for downstream chemical facilities?, page-141
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